2025-23316NoticeWallet

New Tariffs Hit Swiss Watches and Liechtenstein Pharma

Published Date: 12/18/2025

Notice

Summary

Starting November 14, 2025, the U.S. is changing some tariffs on products from Switzerland and Liechtenstein, like farm goods, aircraft parts, and medicines. These changes affect businesses trading with these countries and aim to keep trade fair and balanced. If the full trade deal isn’t finalized by March 31, 2026, the U.S. will rethink these tariff changes.

Analyzed Economic Effects

3 provisions identified: 1 benefits, 1 costs, 1 mixed.

15% Reciprocal Tariff on Swiss/Liechtenstein Goods

Starting November 14, 2025, the U.S. will apply the higher of the U.S. most-favored-nation (MFN) tariff rate or a 15 percent tariff (made up of the MFN rate plus a reciprocal tariff) on products of Switzerland and Liechtenstein. If an article’s Column 1 Duty Rate is less than 15 percent, the sum of that Column 1 rate and the additional ad valorem duty will be set to 15 percent; if Column 1 is at least 15 percent, no additional ad valorem rate will be added.

Annex I Products Exempt from Reciprocal Duty

Certain products of Switzerland and Liechtenstein listed in Annex I (including specified HTSUS provisions) are exempted from the reciprocal tariff imposed by Executive Order 14257 as implemented by this notice. Only items properly classified in the listed HTSUS provisions and meeting scope limitations in Annex I are eligible for this exemption, effective for goods entered on or after November 14, 2025.

Tariff Changes Subject to Review by March 31, 2026

The United States agreed to these tariff modifications with the expectation that a negotiated Agreement will be completed by the first quarter of 2026; if the Agreement is not successfully negotiated by March 31, 2026, the United States will review and reconsider the tariff modifications. Annexes to the notice may be amended during monitoring.

Your PRIA Score

Score Hidden

Personalized for You

How does this regulation affect your finances?

Sign up for a PRIA Policy Scan to see your personalized alignment score for this federal register document and every other regulation we track. We analyze your financial profile against policy provisions to show you exactly what matters to your wallet.

Free to start

Key Dates

Published Date
12/18/2025

Department and Agencies

Department
Independent Agency
Agency
Trade Representative, Office of United States
Commerce Department
International Trade Administration
Source: View HTML

Related Federal Register Documents

Previous / Next Documents

Back to Federal Register

Take It Personal

Get Your Personalized Policy View

Start a Free Government Policy Watch to see how policy affects your household, then upgrade to PRIA Full Coverage for year-round monitoring.

Already have an account? Sign in